In Q2 2023, India’s True Wireless Stereo (TWS) earbuds market experienced substantial growth, witnessing a remarkable 34% year-on-year surge in shipments. This surge not only impacted the domestic TWS market but also contributed to the global growth trajectory. According to a comprehensive report by Counterpoint, diverse factors fueled this growth, encompassing the introduction of budget-friendly models, a surge in demand for cost-effective options, seasonal sales events on prominent e-commerce platforms such as Flipkart Big Saving Days and Amazon Prime Days, brand discounts, and offline promotional activities.
Indigenous brands maintained a strong presence in the TWS market, capturing an impressive 75% share of total shipments in the latest quarter. This marked a shift from the 80% market share held by Indian brands in Q2 2022. Notably, Chinese brands demonstrated a resurgence during Q2 2023, securing a notable 17% market share— their highest in the last seven quarters. Leading Chinese TWS manufacturers, including OnePlus, Oppo, Realme, and Xiaomi, played pivotal roles in driving this growth.
The Counterpoint report projects a robust 41% year-on-year expansion in India’s TWS market for 2023. This anticipated growth is poised to be fueled by upcoming festive season sales and an increasing preference for online shopping channels. Furthermore, the market may witness the entry of new brands, potentially steering the landscape more towards online sales.
Key players in the Indian TWS market showcased notable performances:
1.Boat: Continuing its dominance, Boat secured the top position for the 12th consecutive quarter. The brand’s 17% year-on-year growth was propelled by affordable models, heightened local manufacturing, and successful online event sales. Notably, six models of Boat’s earbuds ranked among the top 10 bestsellers.
2.Boult Audio: Claiming the second spot, Boult Audio nearly doubled its year-on-year growth, driven by the popularity of its cost-effective TWS models.
3.OnePlus: With a remarkable 228% year-on-year growth, OnePlus secured the third position in the market, attributed to the success of the Nord Buds series.
4.Noise: Securing the fourth position with a 7% market share, Noise’s VS series played a significant role in its contribution to the market.
5.Mivi: With a 16% year-on-year growth, Mivi claimed the fifth spot, introducing seven new models in the sub-Rs 2,000 price range.
6.Realme: Realme captured the sixth position with a 54% year-on-year growth, and its Techlife Buds T100 emerged as one of the top 10 models for the second consecutive quarter.
Other notable brands like Oppo, JBL, Ptron, Portronics, Truke, Wings, and Fastrack also left their mark on the dynamic TWS market.
Post time: Dec-07-2023
